Question 16 If the seller creates a belief in the buyer's mind as to the character, quality, or nature of the goods, the seller is likely to have given an express warranty. True False
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- Determine if this shall result in recognition of liabilities 16.Sale of goods with product warranty a. yes b. noRece vable Question 2 of 18 For trade receivables, the fair value is deemed equal to the Select the correct response: O the amount due from the buyer without adjustment for any trade discounts allowed the price in a binding sale agreement exchange price between a seller and a buyer after taking into account the amount of any trade discounts and volume rebates allowed by the entity. the quoted price of the receivable in an active market < Previous51. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer? Group of answer choices File an action for specific performance or exact fulfilment plus damages File an action for reformation of instrument plus damages File an action for annulment of contract of sale plus damages File an action for declaration of nullity of contract of sale plus damages
- 18. Accounting for product warranty costs under an assurance-type warranty * a. is required for income tax purposes. b. is frequently justified on the basis of expediency when warranty costs are immaterial. c. charges an expense account when the seller performs in compliance with the warranty. d. represents accepted practice and should be used whenever the warranty is an integral and inseparable part of the sale.21 - Which of the following forms of payment provides a high level of assurance to both the seller and the buyer?A) Advance paymentB) Consignment saleC) Payment by letter of creditD) Payment with acceptance creditE) Payment against documents5. Which of the following remedies available to the seller for the breach of contract of sale committed by the buyer is correct? Group of answer choices Assuming the goods have already been delivered to the buyer and the buyer wrongfully neglects or refuses to pay the price, the seller may maintain an action for the price of the goods or may file an action to collect a sum of money. If the buyer wrongfully neglects or refuses to accept and pay for the goods, the seller may maintain an action for damages. Assuming the goods have not yet been delivered to the buyer and (1) If the buyer has repudiated the sale or (2) If the buyer manifested his inability to perform his obligation to pay the price or (3) If the buyer has committed a breach of contract, the seller may rescind the contract of sale. All of the other choices.
- 34-Which of the following is NOT a contingent liability? a. Product warranty b. Pending law suit for property damage c. Pending law suit for slander d. Discounted note receivableQUESTION 7 Which of the following is true regarding an IOU instrument containing the language "payable on demand"? O The instrument contains an unconditional promise to pay but nevertheless is not negotiable because it is an IOU instrument. O The instrument is not negotiable because the words "payable on demand" are included; otherwise, the IOU instrument would contain an unconditional promise to pay. O The instrument contains an unconditional promise to pay; and; therefore, the fact that it is an IOU instrument does not affect negotiability. O The instrument is not negotiable because it does not contain an unconditional promise or order to pay, but it may be an enforceable contract. The instrument is not negotiable, nor could it be an enforceable contract, because it does not contain an unconditional promise to pay. QUESTION 8 Which of the following is not a negotiable instrument? O Traveler's check O Certified check OU.S. Dollars O Note O Certificate of deposit QUESTION 9 In the…92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
- Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenantHow does the principle of caveat emptor (let the buyer beware) be applied to Warranty in general?17 true or false The credit is legally quite independent of the underlying transaction.